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New Program Helps Buffalonians to Buy Homes | Home & Garden

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New Program Helps Buffalonians to Buy Homes
Home & Garden
New Program Helps Buffalonians to Buy Homes

A Statement Released by Premium Mortgage Corporation

In an effort to help first-time Buffalo-area homebuyers realize the dream of home ownership, Premium Mortgage Corporation is working with West Side Neighborhood Housing Services, Inc. and its new First Choice Buffalo program to fund up to $2,500 in individual grants to help homebuyers meet Federal Housing Administration requirements for the down payment and purchase of a home.   

West Side Neighborhood Housing Services, a local non-profit housing agency, will administer the First Choice Buffalo program and award the funds to homebuyers who put at least 1% of the purchase price toward a down payment. Additional requirements for the homebuyer include the completion of a course on home purchase and ownership through WSNHS, a personal credit score of at least 660, and the ability to actually qualify for a mortgage.

Upon meeting these requirements, eligible homebuyers could pursue purchase of a 1-2-3-4 unit family home, condominium or townhouse. The home could be in Erie or Niagara counties.  

“Home ownership represents a personal realization of the American dream,” says Premium Mortgage Corporation president Mike Donoghue. “In addition, it is also one of key indicators of stable communities and neighborhoods, which is what we also want to encourage and support.”

The participation with West Side Neighborhood Housing Services “is Premium Mortgage’s effort to put this dream within reach of even more families in Buffalo,” he adds.

"As a NeighborWorks America charter member, we are excited to partner with Premium Mortgage on the First Choice Buffalo program,” says Linda S. Chiarenza, executive director of West Side NHS, Inc..  “In combination with our homebuyer education program, NeighborWorks and City of Buffalo funds we will work promote homeownership."

 

How the Program Works

First-time home buyers are eligible for the First Choice Buffalo program. There are no income requirements or restrictions.

Upon acceptance into the program, the prospective homebuyer attends classes taught by WSNHS on the ins and outs of successful home purchase and ownership.

In a typical example of what a homebuyer in the First Choice Buffalo might consider, for a home with a purchase price of $100,000, the homebuyer must contribute a minimum of $1,000 (1%) toward the down payment; the First Choice Buffalo program will grant an additional $2,500, with the result that the homebuyer will meet the FDA-required 3.5% for a down payment. If the home is purchased with the limits of the City of Buffalo, an additional $5,000 may be available from WSNHS toward closing costs (limited to a 1-2-3 unit primary residence).

The qualified homebuyer will be given a list of approved real estate agents to help find a suitable property; the homebuyer will work with Premium Mortgage Corporation for the mortgage. Further, the homebuyer must qualify for a mortgage.

Anyone interested in pursuing the First Choice Buffalo program can contact West Side Neighborhood Housing Services at 716.885.2344. More information is available on-line at www.wsnhs.org

 

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A three-time winner of the Rochester Top 100 and a three-time recipient of Buffalo's Top Mortgage Originators, Premium Mortgage Corporation (www.premiummortgage.com) serves residential real estate markets in New York, Florida, Vermont and Massachusetts. The Premium Mortgage Corporate Office is located at 2541 Monroe Ave., Rochester, NY  14618.  585.241.0000   info@premiummortgage.com  Its Buffalo office is located at 6815 Main St., Williamsville, NY 14221  716.633.0501

West Side Neighborhood Housing Services (www.wsnhs.org) is a NeighborWorks® Chartered Member. West Side NHS works in partnership with Black Rock-Riverside Neighborhood Housing Services, sharing staff and services, and serving a combined service area of everything west of Main Street in the City of Buffalo.

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